Is Up4x a scam or a legit broker?
Up4x is 100% fraud company. The broker is registered offshore and does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade Up4x. We never advise trading with an offshore broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no any guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such a companies means the trader will believe only on the broker’s words, and of course, it is a high risk.
|🗺️ Registered in||Vanuatu|
|🗺️ Type of License||Offshore License|
|🛡️ Is Up4x safe to trade||No|
|🗺️ Recommended Licenses||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||GO Markets - licensed by ASIC in Australia|
Up4x is a brokerage that offers trading Forex, CFDs including various indices and commodities. There are two brands behind this company. The first one mentioned on the website under “regulation” heading: “UP4X” (www.”Up4X”.com) is a registered brand name of ”Up4X” Ltd., a company authorized and regulated Worldwide. They don’t specify what licenses the company has and in what countries it is regulated, which already seems suspicious. The second owner-company can be found in the terms and conditions: Easy FX Solutions Ltd., based and registered with the Vanuatu Financial Services Commission. The broker is either not licensed at all or has an offshore license which is also a reason to avoid this firm.
Moreover, Italy’s regulator CONSOB has issued a warning against Up4x/Up4x Lts. in May 2017:
“The National Commission for Companies and the Stock Exchange reports that now Up4X ltd is not authorized to perform investment services and activities in Italy in accordance with any manner and, therefore, either through the website www.up4x.com“
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.
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